Problem 5-3A (Part Level Submission) The Cheyenne Corp. is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2019, the following accounts appeared in two of its trial balances. Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Common Stock Cost of Goods Sold Unadjusted Adjusted $25,600 $25,600 30,400 30,400 36,000 46,000 26,500 26,500 13,600 13,600 500,500 500,500 10,500 10,500 5,700 5,700 145,500 145,500 10,000 7,400 6,100 6,100 12,000 12,000 Unadjusted Adjusted $30,000 $30,000 37,500 37,500 10,200 2,800 2,500 2,500 16,000 16,000 61,700 61,700 92,600 92,600 6,500 11,000 4,500 7,100 7,100 710,000 710,000 8,800 8,800 Inventory Notes payable Prepaid Insurance Property Tax Expense Property Taxes Payable Rent Expense Retained Earnings Salaries and Wages Expense Sales Commissions Expense Sales Commissions Payable Sales Returns and Allowances Sales Revenue Utilities Expense Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Cheyenne Corp. Income Statement For the Year Ended November 30, 2019 T Sales 1 Sales Revenue 710,000 Sales Returns and Allowances (7100) T Net Sales ] 702,900 Cost of Goods Sold T (500,500) Gross Profit T 202,400 TOperating Expenses T Freight-Out 5700 Insurance Expense 7400 Property Tax Expense 2500 Depreciation Expense T 10,000 T Depreciation Expense 10,000 T Rent Expense T 16,000 T Salaries and Wages Expense T 92,600 Sales Commissions Expense 11,000 Utilities Expense 8,800 T Total Operating Expenses A 154,000 7 Income from Operations A 48,400 T Other Revenues and Gains 12,00 Interest Revenue T Other Expenses and Losses (6100) (6100) 7 Interest Expense 5,90 Net Income / (Loss) A 54,300 Your answer is partially correct. Try again. Prepare a retained earnings statement. (List items that increase retained earnings first.) Cheyenne Corp. Retained Earnings Statement For the Year Ended November 30, 2019 A A Retained Earnings, December 1, 20; 18 54,300 Add : Dividends Ad Dividends Les . Total Expenses Less Total Expenses Retained Earnings, November 30, 2019 Prepare a balance sheet. Notes payable are due in 2022. (List Current Assets in order of liquidity.) Cheyenne Corp. Balance Sheet For the Quarter Ended November 30, 2019 Assets $ Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity